I can't imagine it passing....
there would have to be an accompanying tax cut to keep it from being a most regressive and horrendous tax increase on home owners. i suppose it could be offset by an increase in the standard deduction but how likely is that?
It would also lower the psychological value of home ownership. The incentive of the mortgage deduction has been a key factor in incouraging ownership and the accompanying pride and stability that goes with it.
It is a very bad idea. About as bad as anything I have heard in a good while.